Executive Intelligence Review

FROM EIR DAILY ALERT


Cameroon’s Nachtigal Dam Gets Financial Green Light

Nov. 15, 2018 (EIRNS)—On Nov. 8, Cameroonian Finance Minister Louis Paul Motazé signed agreements in Paris for the financing of the 420 MW Nachtigal HydroPower Project dam in Cameroon’s central region. According to the government, 15 international lenders led by the International Finance Corp., which is the World Bank’s private investment arm, alongside a consortium formed by local branches of Standard Chartered Bank, Société Générale, Attijariwafa Bank and BPCE group, will help mobilize $1.4 billion (CFA786 billion) to build the country’s largest hydroelectric dam, Business in Cameroon magazine reported.

Built on the Sanaga River which houses 75% of the country’s overall hydropower potential, the Nachtigal Dam will increase Cameroon’s power capacity by 30%. The project will be carried out by Nachtigal Hydro Power Company (NHPC), which is 40% owned by Electricité de France (EDF), 30% by Cameroonian government, and 30% by the International Finance Corp. According to an agreement with the state, NHPC will operate the dam for 35 years after it is completed.

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